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According to the Circular on Determining Value Added Tax Policies for Finance, Real Estate and Educational Auxiliary Services issued by the Ministry of Finance and the State Administration of Taxation (Cai Shui [2016] No. 140) and the Ministry of Finance and the State Administration of Taxation on the value-added tax of asset management products The “Notification” (Cai Shui [2017] No. 56) and other regulations stipulate that starting from January 1, 2018, asset management business operations need to pay VAT, and apply a simple tax law, and pay it at 3%.

According to the relevant requirements of national tax laws and regulations, if VAT taxable behavior occurs during the operation of the private equity fund products managed by the private equity fund manager, the private equity fund manager becomes a VAT payer, and the private equity fund VAT taxable behavior The resulting taxation of VAT and its surcharges will be borne by the fund's assets, and the VAT generated by the manager's own business will continue to be borne by the manager.

Special announcement.

Shanghai Dingfeng Asset Management Co., Ltd.

December 29, 2017